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Free AccessMNI China Daily Summary: Thursday, October 19
MNI BRIEF: NDRC Signs MoU With HKMA To Support Bond Market
Resumes Its Uptrend
- RES 4: 0.7677 High Jun 6, 2018
- RES 3: 0.7638 38.2% retracement of the 2013-2020 downtrend
- RES 2: 0.7583 High Jun 14, 2018
- RES 1: 0.7516 76.4% of 2018-19 downleg
- PRICE: 0.7482 @ 11:14 GMT Dec 9
- SUP 1: 0.7373 Low Dec 7
- SUP 2: 0.7346 20-day EMA
- SUP 3: 0.7339 Low Nov 30 and key near-term support
- SUP 4: 0.7284 Low Nov 24
AUDUSD is firmer today and has cleared resistance at 0.7453, Dec 7 high. A bullish outlook dominates and further gains are likely. This follows last week's break of 0.7414 that confirmed a resumption of the uptrend since Mar 19. MA studies are also in a bull mode reinforcing current conditions. Today's breach of 0.7453, dDec 3 high and 0.7484, a high last seen in July 2018, opens 0.7516 next. Key short-term support is at 0.7373, Dec 7 low.
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